Ordinal utility analysis

Ordinal utility analysis

11th Grade - University

8 Qs

quiz-placeholder

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Ordinal utility analysis

Ordinal utility analysis

Assessment

Quiz

Other

11th Grade - University

Medium

Created by

Dipti Mundel

Used 21+ times

FREE Resource

8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In ordinal utility

We measure satisfaction in numbers

We rank our satisfaction

Any of the above

None of the above

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In indifference curve consumer is assumed to be

Indifferent

Different

Monotonic preferred

None of the above

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In monotonic preference, consumer will always prefer that combination in which he gets

Less units of commodity(ies)

More units of commodity(ies)

Any of the above

None of the above

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

MRS stands for

Marginal rate of satisfaction

Marginal rate of standard

Marginal rate of substitution

Marginal rate of sacrifice

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If the consumer is having monotonic preference, which out of these two combinations he will prefer - (3, 12) and (3, 7)

(3,7)

(3, 12)

Any of the above

None of the above

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

All combinations on an indifference curve gives consumer

Equal satisfaction

No satisfaction

Different satisfaction

None of the above

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Indifference curve is

Concave shaped

Convex shaped

Straight parallel line

Horizontal shaped

8.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In Indifference map

1 Indifference curve is represented

2 or more than 2 indifference curves are presented

None of the above

Any of the above